Finance FAQ

Are monthly payments necessary?

Unless you're in the position to pay cash for a new or pre-owned vehicle, you'll need to establish a payment plan to obtain that vehicle. Two options exist - taking out a loan or leasing.

How do loans and leases differ?

When you take out a loan, all of the money used to pay it off applies to your eventual ownership of the vehicle. The initial down payment and principal on the loan cover the total cost of the purchase. Lease payments, however, apply only to the use of the vehicle. The total sum of payments covers the vehicle's depreciation over the time you drive it and is usually less than the outright price of the vehicle.

Why lease?

There are a number of benefits to leasing a new Ford vehicle at Interstate Ford. Leasing offers flexible terms and lower monthly payments than a typical car loan. Leasing is great for customers who drive between 10,500-15,000 miles per year, want a low monthly payment and like having a new car every few years.

When is ownership transferred?

When paid in full, a loan terminates and you assume ownership. Your bank sends you the title that had been held while the loan maintained an outstanding balance. When a lease period ends you forfeit the vehicle to the lessor, unless the lessor offers to sell the vehicle afterwards. During the entire lease period the lessor maintains ownership and simply allows you to use the car. Ownership is only transferred if you chose to buy the vehicle after the lease terminates.


Q: How many miles per year can I drive with a lease?

    A: Most lease agreements are for 10-15,000 miles per year, though higher mileage agreements can be arranged for an additional monthly fee.

Q: What happens if I go over my lease mileage?

    A: Your lease agreement has a per mile amount that will be charged for any excess mileage, or you may have the option to purchase your vehicle at the end of the lease to avoid the charge.

Q: Can I purchase my vehicle at the end of the lease?

    A: Yes, arrangements can be made at Interstate Ford.

Q: Can I trade-in a vehicle to use as a down payment on a lease?

    A: Yes, just like financing a car you can trade-in a vehicle to use as a down payment on a leased vehicle. A higher down payment will lower your monthly payments.

What documents do I need to get a car loan?

To properly process your auto loan request at Interstate Ford, you will be required to provide us with some basic information. One of our credit experts can walk you through the process, or you can simply fill in the Finance Application Form on our website and we will contact you with your approval information.

Information needed when applying for a car loan:

  1. Proof of Income, Residence and Identity
  2. Employment Information: Aside from your pay stub, you may also need relevant employer information on hand to provide to the lender.
  3. Vehicle Information: The loan experts at the Interstate Ford will take care of this part for you.
  4. Additional Information the Lenders May Request: It is rare that we will need any additional information, but in some cases it may need to be provided. Once again, the members of our financing team at the Interstate Ford, will work hand-in-hand with you to streamline and simplify the process.

Getting an Ford car loan can be easy! Our lender-partners are often looking for good qualified borrowers. Just remember, it is not that they don't want to give you loans to purchase a new car, but it is just that they want a responsible buyer that will make payments on time.

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